AUD/USD Fibo Resistance Inside of Yearly High
AUD/USD has been one of the more responsive pairs for themes of USD-weakness since the August 5th spike.
That low from early-August was a bounce point for v-shaped reversal, which pushed price up to a major level at .6824 that held the highs. The pullback from that resistance was a clean 38.2% retracement of the move, which held the lows and propelled another bullish drive in the pair as price went right back up to .6824.
That .6824 level is a big spot as this is the 23.6% retracement of the 2011-2020 major move in the pair.
It's back-in as resistance this week and despite the pair having set a fresh yearly high, bulls have slowed down over the past two days with this price in-play, making for a difficult spot to chase.
The question now is whether a pullback can hold a higher-low and there's a couple spots of interest for such, such as the .6780 level, or the .6664 level.
For resistance, there's one clear spot overhead and that's the current yearly high at .6871. - js
That low from early-August was a bounce point for v-shaped reversal, which pushed price up to a major level at .6824 that held the highs. The pullback from that resistance was a clean 38.2% retracement of the move, which held the lows and propelled another bullish drive in the pair as price went right back up to .6824.
That .6824 level is a big spot as this is the 23.6% retracement of the 2011-2020 major move in the pair.
It's back-in as resistance this week and despite the pair having set a fresh yearly high, bulls have slowed down over the past two days with this price in-play, making for a difficult spot to chase.
The question now is whether a pullback can hold a higher-low and there's a couple spots of interest for such, such as the .6780 level, or the .6664 level.
For resistance, there's one clear spot overhead and that's the current yearly high at .6871. - js
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.